June 20, 2013 / 5:58 AM / 4 years ago

Indian OIS rates surge on Fed statement; weak rupee hurts

MUMBAI, June 20 (Reuters) - Indian OIS rates rose sharply on Thursday after the U.S. Federal Reserve signalled a tapering of its monetary stimulus, which pushed the rupee to a record low just short of 60 to the dollar.

India’s benchmark five-year OIS rate is trading up 19 basis points (bps) on the day at 7.14 percent, its biggest single-day rise since late September 2011. The one-year OIS rate rises 14 bps to 7.34 percent, its biggest rise since June 2012. (Reporting by Swati Bhat; Editing by Anupama Dwivedi)

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